Matson to buy South Pacific shipping company

Thursday, December 27, 2012

Matson said Wednesday it will acquire the primary assets formerly owned by Reef Shipping, a South Pacific shipping company based in Auckland, New Zealand, that has been in business since 1968. The assets include four vessels and about 1,500 pieces of container equipment. The financial terms of the deal were not disclosed. The transaction is expected to close before the end of this year. "With this acquisition, Matson continues to expand its geographic reach into the South Pacific," said said Matt Cox, president and chief executive officer of Matson. "While the purchase itself is relatively small, it complements our growing network of Pacific island services." Cox noted this was a r...